If the school is already publicizing their financial insolvency I expect that they'll close, unfortunately. With such a small student body and low endowment against high expenses I don't see a way out for them.

There is no excuse whatsoever for this to happen to a school such as Iowa Wesleyan which has been in existence for nearly two centuries. The amount of money being raised today by other institutions is huge. When you compare them to what the Elons and other practically unheard of schools have managed to do during the past 20 years, only incompetent leadership could have put them into such a spot. Sad, indeed.